Dubai Land Department Tightens: Only 3 Permits Issued
The Land Department, Dubai agreed that only three permits will be issued to promote or list each property. The rules come into effect October 1.
Up to three agents can take up marketing of a property.
All promotional and advertising material related to it need to be removed instantly at the moment a property gets sold, An agent cannot also use an expired permit to sell.
Strict Notes!
What the Dubai Land Department wants?
- Prices and sizes of advertised properties will be 100% accurate when advertised;
- Properties being sold in secondary market cannot be advertised using permits issued for offplan to developers;
- No more fake or misleading properties to save time searching for properties.
Heavy Penalties
1. Penalties for non-compliance will be stiff, ranging from Dh50,000 for a first offence to Dh1 million for multiple breaches and even leading up to suspensions for the agents involved.
2. The Land Department made it mandatory for all marketing and advertising of properties on portals and other medium to carry compulsory permits.
What it means for estate agents and agencies?
- Larger brokerage firms with a track record will pick up a greater share of available listings in the market.
- Agents depending on property portals will need to raise their game, especially of there is a drop in number of listings in the secondary market.
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